China Tech Digest: Alibaba To Invest In Mango Media, JD And Baidu Report Earnings

Alibaba plans to invest in Mango Excellent Media

Mango Excellent Media announced that the company planned to transfer 5.26% of the company’s equity through an agreement through public solicitation of transferees.

On November 16, 2020, the company received a notice from the controlling shareholder, Mango Media, and communicated and contacted a number of institutions that are interested in participating in the transfer within the public solicitation period.

As of the deadline for the public solicitation, Mango Media has received an intention from Alibaba Ventures. The company will decide later if and how to complete the deal.

Mango provides television shopping, online shopping, outbound shopping, and other services. Mango Excellent Media also operates new media platform operation.

JD.com records net income increase

JD.com released its 2020 Q3 financial report. The financial report shows that in the third quarter, JD.com’s net income was RMB174.2 billion yuan, a year-on-year increase of 29.2%, higher than market expectations.

Under non-US GAAP, net profit attributable to common shareholders was RMB5.6 billion yuan, an increase of 80.1% year-on-year.

Baidu reports earnings and beats expectations

Baidu recently released its unaudited third-quarter financial report as of September 30, 2020. According to the financial report, Baidu achieved revenue of RMB28.2 billion yuan in the quarter, and net profit attributable to Baidu reached RMB13.7 billion yuan. Revenue and profit exceeded Wall Street expectations, and net profit exceeded Wall Street’s average expectations by 56%.

From the perspective of specific business segments, Baidu’s core business rebounded significantly, achieving revenue of RMB21.4 billion yuan, which is the main driving force for Baidu’s revenue growth.

Among them, Baidu’s core online advertising revenue was RMB18.4 billion yuan; thanks to the increase in revenue from smart cloud services, Baidu’s core non-online advertising revenue was RMB2.9 billion yuan, a year-on-year increase of 14%.

OPPO officially released the "scroll screen" concept phone

At the OPPO Future Technology Conference 2020, OPPO officially released the "scroll screen" concept phone with a screen size of 6.7-7.4 inches, driven by a constant force motor, and a 6.8mm reel diameter, which can achieve a zero-crease screen effect.

CSRC: Ant Group IPO depends on how the government reorganizes regulatory framework

Fang Xinghai, vice chairman of the China Securities Regulatory Commission, said that the timing of Ant Group’s IPO listing depends on how the government reorganizes the regulatory framework.

IDC: China’s financial cloud market reaches US$1.91 billion in the first half of 2020

According to the latest report by IDC, the scale of China’s financial cloud market reached US$1.91 billion in the first half of 2020.

Despite the impact of the epidemic, the financial cloud market has maintained good growth during this cycle, with a year-on-year increase of 37.5%.

Among them, the growth rate of the financial cloud solution market is higher than that of the cloud infrastructure market, reaching 42.1% and 35.6% respectively.

 
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